Florida-based foodservice equipment company Welbilt has seen a 51.7% year-on-year decrease in its Q2 net sales ($206 million).
The company also revealed in its second quarter financial report that earnings from operations were $0.7 million through the period. This is compared to $57.2 million in Q2 2019.
Meanwhile, earnings before interest, taxes, depreciation, and amortization (EBITDA) were at $19.8 million compared to $82.8 million in the prior year.
On the upside, compared to 51.7% for the quarter, June year-on-year net sales for Welbilt were only down 40%, signifying a significant improvement as businesses began to reopen.
Commenting on the results, company president and CEO Bill Johnson stated: “We are pleased with our margin and cash flow performance during the worst quarter in the history of our industry due to the impact from the COVID-19 pandemic.
“We remained very focused on protecting the health and safety of our employees while implementing aggressive cost reduction actions in late March.
“These actions helped us deliver positive margins and cash flow, and keep liquidity consistent with the prior quarter.”